IRVING, Texas--(BUSINESS WIRE)--ExxonMobil
said today it made a new oil discovery offshore Guyana at the
Yellowtail-1 well, marking the 13th discovery on the Stabroek
Block. The discovery adds to the previously announced estimated
recoverable resource of approximately 5.5 billion oil-equivalent barrels
on the Stabroek Block. Yellowtail-1 is the fifth discovery in the Turbot
area, which ExxonMobil expects to become a major development hub.

“Similar to the Liza area, successive discoveries in the Turbot area
have continuously grown its shared value,” said Mike Cousins, senior
vice president of ExxonMobil Exploration and New Ventures. “Our success
here can be attributed to our industry-leading upstream capabilities,
the strength of our partnerships and our ongoing commitment to growing
Guyana’s offshore potential.”

Yellowtail-1 encountered approximately 292 feet (89 meters) of
high-quality oil bearing sandstone reservoir and was drilled to a depth
of 18,445 feet (5,622 meters) in 6,046 feet (1,843 meters) of water. The
well is located approximately 6 miles (10 kilometers) northwest of the Tilapia
discovery. The Noble Tom Madden began drilling the Yellowtail well
on March 27. It will next drill the Hammerhead-2 well.

Exploration and development activities continue at other locations on
the Stabroek Block. The Stena Carron is currently completing a well test
at the Longtail-1 discovery and upon completion will next drill the
Hammerhead-3 well. Later in 2019, the Stena Carron will drill a second
well at the Ranger discovery. The Noble Bob Douglas drillship is
currently completing development drilling operations for the Liza Phase
1 development. ExxonMobil is also evaluating plans to add another
exploration drillship, bringing the number of drillships offshore Guyana
to four.

ExxonMobil has previously said there is potential for at least five
floating production, storage and offloading (FPSO) vessels on the
Stabroek Block producing more than 750,000 barrels of oil per day by
2025. Startup of the Liza Phase 1 development is on track to begin by
the first quarter of 2020 and will produce up to 120,000 barrels of oil
per day utilizing the Liza Destiny FPSO, which is expected to arrive in
country in the third quarter.

Liza Phase 2 is expected to startup by mid-2022. A final investment
decision is expected soon subject to government and regulatory
approvals. Upon approval, the project plans to use the Liza Unity FPSO
to produce up to 220,000 barrels per day. Sanctioning of a third
development, Payara, is also expected in 2019, with startup projected
for 2023.

ExxonMobil, the largest publicly traded international energy company,
uses technology and innovation to help meet the world’s growing energy
needs. ExxonMobil holds an industry-leading inventory of resources, is
one of the largest refiners and marketers of petroleum products, and its
chemical company is one of the largest in the world. For more
information, visit www.exxonmobil.com
or follow us on Twitter www.twitter.com/exxonmobil.

Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans, schedules, capacities,
and resource recoveries could differ materially due to changes in market
conditions affecting the oil and gas industry or long-term oil and gas
price levels; political or regulatory developments including obtaining
necessary regulatory permits; reservoir performance; the outcome of
future exploration and development efforts; technical or operating
factors; the outcome of commercial negotiations; and other factors cited
under the caption “Factors Affecting Future Results” on the Investors
page of our website at exxonmobil.com. References to “recoverable
resource” and similar terms in this release include quantities that are
not yet classified as proved reserves under SEC rules but that are
expected to be ultimately recoverable.